RATE Group | Bitcoin (BTC) price climbs as China’s Xi Jinping embraces blockchain
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Bitcoin (BTC) price climbs as China’s Xi Jinping embraces blockchain

28 Oct Bitcoin (BTC) price climbs as China’s Xi Jinping embraces blockchain

Posted at 11:21h in Cryptocurrency News by

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Chinese President Xi Jinping addresses the audience at a luncheon at SkyCity Grand Hotel on November 21, 2014 in Auckland, New Zealand.

Greg Bowker | Pool | Getty Images

Bitcoin’s price rose sharply over the weekend, recovering from a plunge just days earlier, after Chinese President Xi Jinping gave a speech embracing blockchain technology and calling on his country to advance development in the field.

The value of the world’s best-known cryptocurrency jumped as high as $10,332 on Saturday, according to data from industry website CoinDesk. The price has since eased to around $9,370 as of Monday morning, up about 1% on the day.

The virtual currency’s jump came as China’s leader sang the praises of blockchain, the technology that underpins cryptocurrencies like bitcoin. According to state media, Xi said Friday that China has a strong foundation and should look to take a leading position in the sector.

He reportedly said China should “seize the opportunity” offered by blockchain, adding…

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